Notes to Accounts of Veer Energy & Infrastructure Ltd.

Mar 31, 2025

2.13 Provisions, Contingent Liabilities and Contingent Assets:

Provision is recognized when the Company has a present obligation (legal or constructive) as a result of past events and it is probable that the outflowof resources
will be required to settle the obligation and in respect of which reliable estimates can be made.

A disclosure for contingent liability is made when there is a possible obligation, that may, but probably will not require an outflow of resources. When there is a
possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision/ disclosure is made. The Company does
not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets are not recognized in the financial statements. Provisions and contingencies are reviewed at each balance sheet date and adjustedto reflect the
correct management estimates.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, using a current pre-tax ratethat reflects, when
appropriate, the risks specific to the liability. Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.
Provisions, contingent liabilities, contingent assets and commitments are renewed at each balance sheet date.

2.14 Cash and Cash Equivalents

Forthe purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other
short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to
an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

2.15 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average numberof equity
shares outstanding during the period.

Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity
shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of
all dilutive potential equity shares.

2.16 Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA") notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards). Rules as issued
from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable from April 1, 2022, as below:

Ind AS 103 - Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities assumed must meet
the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian Accounting Standards (Conceptual Framework) issued bythe
Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the requirements of Ind AS 103. The Company does not
expect the amendment to have any significant impact in its financial statements.

Ind AS 16 - Proceeds before intended use

The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items produced while the
company is preparing the asset for its intended use. Instead, an entity will recognise such sales proceeds and related cost in profit or loss. The Company does not
expect the amendments to have any impact in its recognition of its property, plant and equipment in its financial statements.

Ind AS 37 - Onerous Contracts - Costs of Fulfilling a Contract

Theamendments specifythatthatthe ''costof fulfilling'' a contractcomprises the ''costs that relate directly to the contract''. Costs that relate directly to a contract can
either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling
contracts. The amendment is essentially a clarification and the Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 109 - Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includes when it applies the ''10 percent'' test of Ind AS 109 in assessing whether to derecognise a financial liability. The
Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 116 - Annual Improvements to Ind AS (2021)

The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the
treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not expect the amendment to
have any significant impact in its financial statements.

Note:

It is not practicable to estimate the timing of cash outflows, in respect of matters stated above, due to pending resolution of the proceedings.

31 - Lease

The Company has taken Land on Lease at Bhavnagar. The expense on such lease rentals recognizedinthe Statement of Profit and Loss for the year ended March 31,2025 is Rs. 0.07 lakhs (year
ended March 31, 2024 is Rs. 8.24 lakhs). The lease has varying terms, escalation clauses and renewal rights. On renewal, terms of the leases are renegotiated. All such leases are cancellable. The
Company has not given any property on sub-lease which is taken on lease contracts.

32 - Segment Reporting

Based on the "management approach" as defined in Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the Company''s performance and allocates
resources based upon analysis of various performance indicators by the Operating Segments. The Company''s CODM constitutes of managing director, whole-time
director and chief financial officer.

The Company has one segment ofactivity namely "Infrastructure''. The Company''s operationsare limited to India only and its all assets are domiciled in India, there are
no reportable geographical segments.

33 - Employee Benefits Disclosure:

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans
-Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund:- current year is Rs. 0.06 lakhs (previous year: Rs. 0.06 lakhs)

(b) Defined benefit plans

- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit plans based on the following assumptions:
Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is the difference or ''gap'' between these rates
which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated term of the benefits/obligations works out to
zero years. For the current valuation a discount rate of 6.91% p.a. (previous year 7.32% p.a.) compound has been used.

Salary Escalation Rate

The salary escalation rate usually consists of at least three components, viz. regular increments, price inflation and promotional increases. In addition to this any
commitments by the management regarding future salary increases and the Company''s philosophy towards employee remuneration are also to be taken into account.
Again a long-term view asto trend in salary increase rates hasto betaken ratherthan be guided bythe escalation rates experienced in the immediate past, if they have
been influenced by unusual factors.

36 - Financial Instruments - Accounting Classfication and Fair Value Measurements

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or
liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair values of cash and short term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their
carrying amounts largely due to short-term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on the
evaluation, allowances are taken to account for the expected losses of these receivables.

The company uses the following hierarchy for determining and disclosing the fair values of financial instruments by valuation technique:

Level 1 : Quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2 : Other techniques for which all inputs which have a significant effects on the recorded fair value are observable, either directly or indirectly.

Level 3 : Techniques which use inputs that have a significant effects on the recorded fair value that are not based on observable market data.

38 - Financial Risk Management and Objective Policies

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The company''s financial
risk management policy is set by the Managing Board.

Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial
instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates,
equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk
sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loan borrowings.

The Company manages market risk through a Board of Directors, which evaluates and exercises independent control over the entire
process of market risk management. The treasury department recommends risk management objectives and policies, which are
approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources,
implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with market risk limits
and policies.

Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. In order to optimize the company''s position with regards to the interest income and interest expenses and to manage the
interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate
and floating rate financial instruments in it total portfolio.

The Company''s borrowings are primarily in fixed rate interest bearing investments. Hence, the Company is not significantly exposed to
interest rate risk.

Foreign currency risk

The Company''s export business does not carry any risk of foreign currency fluctuations. The Company has arrangement with the
customers and accordingly customer bear the risk of foreign exchange fluctutations.

Credit risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the
Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends,
and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in
credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in credit risk the
company compares the risk of a default occurring an the asset at the reporting date with the risk of default as the date of initial
recognition. It considers reasonable and supportive forwarding-looking information such as:

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to mere its obligation.

(iv) Significant increase in credit risk on other financial instruments of the same counterparty.

(v) Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit
enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment
plan with the Company. The Company categorises a loan or receivable for write off when a debtorfails to make contractual payments
greater than 2 years past due. Where loans or receivables have been written off, the Company continues to engage in enforcement
activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.

IV. Provision for expected credit losses again "II" and "IN" above

The company has assets where the counter- parties have sufficient capacity to meet the obligations and where the risk of default is very
low. Hence based on historic default rates, the Company believes that, no impairment allowance is necessary in respect of above
mentioned financial assets.

Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The
company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and
policies related to such risks are overseen by senior management. Management monitors the company''s net liquidity position through
rolling forecast on the basis of expected cash flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on
contractual undiscounted payments.

For Jayesh R Shah & Co. Sd/- Sd/-

Chartered Accountants Yogesh Shah Bhavin Shah

Firm Registration Number: 104182W Managing Director Director

DIN:00169189 DIN:03129574

Sd/-

Jayesh Shah Sd/- Sd/-

Proprietor Jigar Shah Nipa Thakker

Membership Number: 033864 Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date: 30/05/2025_Date: 30/05/2025_

---

Mar 31, 2024

2.13 Provisions, Contingent Liabilities and Contingent Assets:

Provision is recognized when the Company has a present obligation (legal or constructive) as a result of past events and it is probable that the outflowof resources will be required to settle the obligation and in respect of which reliable estimates can be made.

A disclosure for contingent liability is made when there is a possible obligation, that may, but probably will not require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote, no provision/ disclosure is made. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets are not recognized in the financial statements. Provisions and contingencies are reviewed at each balance sheet date and adjustedto reflect the correct management estimates.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, using a current pre-tax ratethat reflects, when appropriate, the risks specific to the liability. Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets. Provisions, contingent liabilities, contingent assets and commitments are renewed at each balance sheet date.

2.14 Cash and Cash Equivalents

Forthe purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

2.15 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average numberof equity shares outstanding during the period.

Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares.

2.16 Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA") notifies new standard or amendments to the existing standards under Companies (Indian Accounting Standards). Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable from April 1, 2022, as below:

Ind AS 103 - Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian Accounting Standards (Conceptual Framework) issued by the Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the requirements of Ind AS 103. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 16 - Proceeds before intended use

The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, an entity will recognise such sales proceeds and related cost in profit or loss. The Company does not expect the amendments to have any impact in its recognition of its property, plant and equipment in its financial statements.

Ind AS 37 - Onerous Contracts - Costs of Fulfilling a Contract

Theamendments specifythatthatthe ''costof fulfilling'' a contractcomprises the ''costs that relate directly to the contract''. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labour, materials) or an allocation of other costs that relate directly to fulfilling contracts. The amendment is essentially a clarification and the Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 109 - Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includes when it applies the ''10 percent'' test of Ind AS 109 in assessing whether to derecognise a financial liability. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 116 - Annual Improvements to Ind AS (2021)

The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not expect the amendment to have any significant impact in its financial statements.

32 - Segment Reporting

Based on the "management approach" as defined in Ind AS 108, the Chief Operating Decision Maker (CODM) evaluates the Company''s performance and allocates resources based upon analysis of various performance indicators by the Operating Segments. The Company''s CODM constitutes of managing director, whole-time director and chief financial officer.

The Company has one segment ofactivity namely "Infrastructure''. The Company''s operationsare limited to India only and its all assets are domiciled in India, there are no reportable geographical segments.

33 - Employee Benefits Disclosure:

The Company has classified the various benefits provided to employees as under:-

(a) Defined contribution plans -Provident fund

The Company has recognized the following amounts in the statement of profit and loss:

Employers'' contribution to provident fund:- current year is Rs. 0.06 lakhs (previous year: Rs. 0.06 lakhs)

(b) Defined benefit plans

- Gratuity

In accordance with Indian Accounting Standard 19, actuarial valuation was done in respect of the aforesaid defined benefit plans based on the following assumptions: Economic Assumptions

The discount rate and salary increases assumed are the key financial assumptions and should be considered together; it is the difference or ''gap'' between these rates which is more important than the individual rates in isolation.

Discount Rate

The discounting rate is based on the gross redemption yield on medium to long term risk free investments. The estimated term of the benefits/obligations works out to zero years. For the current valuation a discount rate of 7.32% p.a. (previous year 6.91% p.a.) compound has been used.

38 - Financial Risk Management and Objective Policies

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. The company''s financial risk management policy is set by the Managing Board.

Market risk

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loan borrowings.

The Company manages market risk through a Board of Directors, which evaluates and exercises independent control over the entire process of market risk management. The treasury department recommends risk management objectives and policies, which are approved by Senior Management and the Audit Committee. The activities of this department include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with market risk limits and policies.

Interest rate risk

Interest rate risk is the risk that fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regards to the interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in it total portfolio.

The Company''s borrowings are primarily in fixed rate interest bearing investments. Hence, the Company is not significantly exposed to interest rate risk.

Foreign currency risk

The Company''s export business does not carry any risk of foreign currency fluctuations. The Company has arrangement with the customers and accordingly customer bear the risk of foreign exchange fluctutations.

Credit risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The Company considers the probability of default upon initial recognition of asset and whetherthere has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is significant increase in credit risk the company compares the risk of a default occurring an the asset at the reporting date with the risk of default as the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

(i) Actual or expected significant adverse changes in business.

(ii) Actual or expected significant changes in the operating results of the counterparty.

(iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to mere its obligation.

(iv) Significant increase in credit risk on other financial instruments of the same counterparty.

(v) Significant changes in the value of the collateral supporting the obligation or in the quality of third-party guarantees or credit enhancements.

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. The Company categorises a loan or receivable for write off when a debtorfails to make contractual payments greater than 2 years past due. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss.

IV. Provision for expected credit losses again "II" and "IN" above

The company has assets where the counter- parties have sufficient capacity to meet the obligations and where the risk of default is very low. Hence based on historic default rates, the Company believes that, no impairment allowance is necessary in respect of above mentioned financial assets.

Liquidity Risk

Liquidity Risk is defined as the risk that the company will not be able to settle or meet its obligations on time or at reasonable price. The company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the company''s net liquidity position through rolling forecast on the basis of expected cash flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.

The Company has sold the plant and machineries of its engineeringdivision during the year and hence there is a loss on sale of assets due to which some of the ratios are highly affected. As per our report of even date attached For and on behalf ofthe board

ForJayesh RShah & Co. Sd/- Sd/-

Chartered Accountants Yogesh Shah Bhavin Shah

Firm Registration Number: 104182W Managing Director Director

DIN:00169189 DIN:03129574

Sd/-

Jayesh Shah Sd/- Sd/-

Proprietor Jigar Shah Nipa Thakker

Membership Number: 033864 Chief Financial Officer Company Secretary

Place: Mumbai Place: Mumbai

Date: 30/05/2024_Date: 30/05/2024

---

Mar 31, 2023

Provisions, Contingent Liabilities and Contingent Assets

Provision is recognized when the Company has a present obligation (legal or constructive) as a result of past events and it is probable that the outflow of
resources will be required to settle the obligation and in respect of which reliable estimates can be made.

A disclosure for contingent liability is made when there is a possible obligation, that may, but probably will not require an outflow of resources. When
there is a possible obligation ora present obligation in respect of which the likelihood of outflow of resources is remote, no provision/ disclosure is
made. The Company does not recognize a contingent liability but discloses its existence in the financial statements.

Contingent assets are not recognized in the financial statements. Provisions and contingencies are reviewed at each balance sheet date and adjusted to
reflect the correct management estimates.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, usinga current pre-tax rate that
reflects, when appropriate, the risks specific to the liability. Commitments include the amount of purchase order (net of advances) issued to partiesfor
completion of assets. Provisions, contingent liabilities, contingent assets and commitments are renewed at each balance sheet date.

2.14 Cash and Cash Equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial
institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts
of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current
liabilities in the balance sheet.

2.15 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average
number of equity shares outstanding during the period.

Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average
numberof equity shares considered for deriving basic earnings perequity share and also the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity shares.

2.16 Recent Accounting Pronouncements

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards under Companies (Indian AccountingStandards).
Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, applicable
from April 1, 2022, as below:

Ind AS 103 — Reference to Conceptual Framework

The amendments specify that to qualify for recognition as part of applying the acquisition method, the identifiable assets acquired and liabilities
assumed must meet the definitions of assets and liabilities in the Conceptual Framework for Financial Reporting under Indian AccountingStandards
(Conceptual Framework) issued by the Institute of Chartered Accountants of India at the acquisition date. These changes do not significantly change the
requirements of Ind AS 103. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 16 — Proceeds before intended use

The amendments mainly prohibit an entity from deducting from the cost of property, plant and equipment amounts received from selling items
produced while the company is preparing the asset forits intended use. Instead, an entitywill recognise such sales proceeds and related cost in profitor
loss. The Company does not expect the amendments to have any impact in its recognition of its property, plant and equipment in its financial
statements.

Ind AS 37 — Onerous Contracts - Costs of Fulfilling a Contract

The amendments specify that that the ''cost of fulfilling'' a contract comprises the ''costs that relate directly to the contract''. Costs that relate directly to a
contractcan eitherbe incremental costs of fulfilling that contract (examples would be direct labour, materials) oran allocationof othercosts thatrelate
directly to fulfilling contracts. The amendment is essentially a clarification and the Company does not expect the amendment to have any significant
impact in its financial statements.

Ind AS 109 — Annual Improvements to Ind AS (2021)

The amendment clarifies which fees an entity includeswhen itapplies the ''10 percent'' testof Ind AS 109 in assessing whether to derecognise a financial
liability. The Company does not expect the amendment to have any significant impact in its financial statements.

Ind AS 116 — Annual Improvements to Ind AS (2021)

The amendments remove the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion
regarding the treatment of lease incentives that might arise because of how lease incentives were described in that illustration. The Company does not
expect the amendment to have any significant impact in its financial statements.

---

Mar 31, 2015

1. Contingent Liabilities The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 398269/- equivalent to Euro 5899/- during the year 2014-15. The accumulated loss is INR 8254839/- equivalent to Euro 122275/- The investment of the Company so far is Euro 25000/- in equity and Euro 73500/- as loan totaling to Euro 98500/- Hence there is a contingent liability to the turn of Euro 25632/- equivalent to INR 1730449/- as on 31st March, 2015 considering the exchange rate of 1 Euro = INR 67.5104 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

2.The Company has not been informed by any suppliers under Micro, Small and Medium Enterprises Development Act, 2006 ( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year; (c ) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

3. The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of collaboration with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimize the expenses.

4. The Company has also 100% subsidiary in India " Shruti Power Projects Pvt Ltd., The subs diary is engaged in the same business of non conventional energy.

5. Previous year figures have been regrouped & rearranged wherever necessary. As per our report of even date attached

---

Mar 31, 2014

1 a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer" . Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs.385473/-. for the year which has been provided in the accounts but investments of the total amount till date Rs. 960386/- has not been made so far.

2 There are no pending capital commitments.

3 Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH"

Subsidiary has incurred a loss of INR 268768/- equivelent to Euro 3255/- during the year 2013-14. The accumulated loss is INR 9609898/- equivelent to Euro 116376/- The investment of the Company so far is Euro 25000/- in equity and Euro 73500/- as loan totalling to Euro 98500/- Hence ther is a contingent liability to the tunr of Euro 17876/- equivelent to INR 1476138/- as on 31st March, 2014 considering the exchange rate of 1 Euro = INR 82.5765 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

4 The Company has no liability under Micro, Small and Medium Enterprises Development Act,2006

( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c ) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

5 The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimise the expenses.

6 The Company is required to appoint a Whole time Company Secretary as per Section 383A of the Companies Act,1956.The Company had advertised for the proper candidate, but the Company being small and medium size company, could not get proper candidate hence the Company is getting work done from practicing Company Secretary on retainership basis..

7 Previous year figures have been regrouped & rearranged wherever necessary.

---

Mar 31, 2013

1 a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer" . Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs.385473/-. for the year which has been provided in the accounts but investments of the total amount till date Rs. 960386/- has not been made so far.

2 There are no pending capital commitments.

3 Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 2125745/- equivelent to Euro 30567/- during the year 2012-13. The accumulated loss is INR 7866864/- equivelent to Euro 113121/- The The investment of the Company so far is Euro 25000/- in equity and Euro 70000/- as loan totalling to Euro 95000/- Hence ther is a contingent liability to the tunr of Euro 18121/- equivelent to INR 1260203/- as on 31st March, 2013 considering the exchange rate of 1 Euro = INR 69.5438 as per RBI reference rate. The management is hopeful to recover the losses of subsidiary in future.

4 The Company has no liability under Micro, Small and Medium Enterprises Development Act,2006 ( The Act ) and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

5 The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage. The subsidiary is incurring losses, but the management is hopeful to recover the same in future. The management has taken care to minimise the expenses.

6 The Company is required to appoint a Whole time Company Secretary as per Section 383A of the Companies Act,1956.The Company had advertised for the proper candidate, but the Company being small and medium size company, could not get proper candidate hence the Company is getting work done from practicing Company Secretary on retainership basis..

7 Previous year figures have been regrouped & rearranged wherever necessary.

---

Mar 31, 2012

1. a) Employees Retirement Benefits:

As required by the mandatory accounting standard -15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". Acturial Valuation Report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per report is Rs. Which has been

provided in the accounts but investments has not been made so far.

44. Segment Reporting as required by Accounting Standard 17

Primary Segment Energy & Infrastructure

Secondary Segment Trading

Geographical Segment 100% Revenue from India only.

2 Related parties disclosure in accordance with the accounting standard 18

List of Related Parties : Enterprise owned or significantly controoled by the Directors of the Company:

The name of the Company/Firm Director Capacity Intersted

1. M/s. Niyati Industries Limited Yogesh M. Shah Director

2. M/s. Pan India & Drugs Chemicals Ltd. Yogesh M. Shah Director

3. M/s. Niyati Industries Limited Arvind M. Shah Director

4. M/s. Pan India & Drugs Chemicals Ltd. Prakash C. Shah Director

5. M/s. Danish Engineering Prakash C. Shah Proprietor

6. M/s. Kunal Traders Prakash C. Shah Proprietor

7. M/s. Arpan Housing Company Yogesh M. Shah Proprietor

8. M/s. V. K. Enterprise Dhimant Shah Partner

9. M/s. Vithaldas Kalidas Dhimant Shah Partner

10. M/s Arvind Shah & Co. Arvind Shah Proprietor

11. M/s. Kesar Swasthya Pvt Ltd. Prakash A Patel Director

3. There are no pending capital commitments.

4. Contingent Liabilities

The Company has a 100% subsidiary in Germany named " Veer Enterprise - GMBH" Subsidiary has incurred a loss of INR 5595345/- equivelent to Euro 82554/- The investment of the Company so far is Euro 75000/- Hence ther is a contingent liability to the tunr of Euro 7554/- Equivelent to INR 512671/- as on 31st March, 2012 considering the exchange rate of 1 Euro= INR 67.8675

5. The Company has no liability under Micro, Small and Medium Enterprises Development Act, 2006 (The Act)and hence disclosure regarding:

(a) Amount due and outstanding to suppliers as the end of accounting year;

(b) Interest paid during the year;

(c) Interest payable at the end of the accounting year, and

(d) Interest accrued and unpaid at the end of the accounting year, has not been provided.

6. The Company has floated a 100% subsidiary " Veer Enterprise-GMBH" in Germany to explore the possibility of expansion in the field of non conventional energy with the help of colloberation with any company in this field with a wide experience and capital resources. The main idea is to make development in India only at a later stage.

7. Previous year figures have been regrouped & rearranged wherever necessary.

---

Mar 31, 2011

1) CONTINGENT LIABILITIES: There are no contingent liabilities as on the date of the balance sheet.

2) RELATED PARTIES DISCLOSURE IN ACCORDANCE WITH THE ACCOUNTING STANDARD 18 LIST OF THE RELATED PARTIES: ENTERPRISE OWNED OR SIGNIFICANTLY CONTROLLED BY THE DIRECTORS OF THE COMPANY:

The Name Of The Company/Firm Director Interested

Niyati Industries Limited Mr. Yogesh M. Shah

Elecon Windfarm Developers Mr. Yogesh M. Shah (Motagunda- Vinzalpur) Limited

Yogesh M. Shah Mr. Yogesh M. Shah

Niyati Industries Limited Mr. Arvind M. Shah

International Auto Corporation Mr. Ritesh.P.Choksi

Choksi Group Mr.Ritesh.P.Choksi

Choksi Industrial Products Mr.Ritesh.P.Choksi Pvt. Ltd

Danish Engg Mr.Prakash.C.Shah

Elecon Windfarm Developers Mr.Prakash.C.Shah (Motagunda-Vinzalpur) Limited

Kunal Traders Mr.Prakash.C.Shah

Pratik Shah & Co Mr.Prakash.C.Shah

Vithaldas Kalidas Mr.Dhimant.J.Shah

Ravindra V. Joshi-CS Mr.Ravindra.v.Joshi

Summer Holdings Pvt. Ltd Mr.Ravindra.v.Joshi

3) TRANSACTIONS WITH RELATED PARTIES :

Elecon Windfarm developers (Motagunda-Vinzalpur) Ltd- Sale Rs.13.86Cr Purchase Rs.8.07Cr.

4) As required by the mandatory accounting standard – 15 regarding “Accounting for Retirement Benefits in the Financial Statements of Employer”. Actuarial valuation report has been obtained for the liabilities for gratuity and leave encashment benefits. The amount as per valuation report is Rs. 3, 66,412.00 which has been provided in the accounts.

5) Additional information pursuant to Para. 3 & 4C & 4D of the Part II of Schedule VI of the Companies Act,1956.(As certified by the management)

6) (i) Details of Capacity & Production

The License Capacity N.A

The Installed Capacity N.A

The Actual Production N.A

7) The company has promoted 100% subsidiary Named Veer Enterprise GmbH in Germany on 10th March 2011 the company has transferred 13500 Euros conversation value in 8,49,994.00 as a part capital of the subsidiary. The total capital to be invested shall be 25000 Euros. The subsidiary has not started any activities till 31st march 2011 and the total fund is lying in the bank account of subsidiary, hence no account of the subsidiary has been prepared and there is no requirement to prepare consolidated accounts for this year.

8) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business.

9) The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding:

(i) Amount due and outstanding to suppliers as the end of accounting year

(ii) Interest paid during the year

(iii) Interest payable at the end of the accounting year, and

(iv) Interest accrued and unpaid at the end of the accounting year, has not been provided

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

10) Previous year figures have been regrouped & re arranged wherever necessary

---

Mar 31, 2010

1) CONTINGENT LIABILITIES:

There are no contingent liabilities as on the date of the balance sheet.

2) TRANSACTIONS WITH RELATED PARTIES : Nil

3) As required by the mandatory accounting standard - 15 regarding "Accounting for Retirement Benefits in the Financial Statements of Employer". Actuarial valuation report has been obtained for the liabilities for gratuity and leave encashment benefits. There amount as per valuation report is Rs. 1, 27,444.00 which has been provided in the accounts.

4) Additional information pursuant to Para. 3 & 4C & 4D of the Part II of Schedule VI of the Companies Act,1956.(As certified by the management)

5) In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated if realized in the ordinary course of business.

6) The Company has not received any information from the suppliers regarding status under the Micro, Small and Medium Enterprises Development Act, 2006 (the act) and hence disclosure regarding:

(i) Amount due and outstanding to suppliers as the end of accounting year

(ii) Interest paid during the year

(iii) Interest payable at the end of the accounting year, and

(iv) Interest accrued and unpaid at the end of the accounting year, has not been provided

The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

7) Previous year figures have been regrouped & re arranged wherever necessary